After being the first state to impose disclosure requirements on small business finance transactions, California has now added an annual reporting requirement and subjected commercial finance companies to UDAAP claims. On...more
8/22/2023
/ Annual Percentage Rate (APR) ,
Annual Reports ,
California ,
Department of Financial Protection and Innovation (DFPI) ,
Disclosure Requirements ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
UDAAP ,
Unfair or Deceptive Trade Practices
U.S. states continue to consider and adopt statutes requiring TILA-like disclosures in connection with various types of commercial financing transactions. Most recently, Georgia passed a law, effective January 1, 2024,...more
In a sign that the California Department of Business Oversight (DBO) is contemplating new enforcement activity or possibly proposed regulations in the lending space, the DBO sent letters to 20 consumer installment lenders...more
Making the most of its enforcement powers before the new administration takes over, and likely concerned that its days as a stand-alone bureau may be coming to an end, the Consumer Financial Protection Bureau (CFPB) took...more